November 2, 2017 / 9:05 PM / a year ago

MOVES-Goldman taps energy execs in bid to turn around commodities unit

NEW YORK, Nov 2 (Reuters) - Goldman Sachs Group Inc has hired a number of executives for its energy team as it seeks to turn around its struggling commodities unit, according to three sources and an internal memo.

The hirings come after the investment bank in July posted the weakest commodities results in its history as a public company. A Goldman Sachs spokesman declined to comment on the moves.

David McKeon, formerly a managing director at Castleton Commodities International LLC, will join as a managing director and senior oil trader in North America, two sources familiar with the matter said on Thursday.

McKeon is set to start in a few weeks, one of the sources said.

Nitin Jindal is joining Goldman in January as a partner and head of North American natural gas and power trading, according to an internal memo this week. He was previously the head of North American power trading at Morgan Stanley.

Jon Yarrow has rejoined Goldman in London as a managing director after a few months at Castleton, according to a third source. He was in the natural gas market, the source said.

Sparkspread first reported Jindal and Yarrow’s moves.

Ed Emerson, who serves as co-head of commodities, will remain global head of oil trading. In recent months, commodity co-head Jeremy Taylor moved to London, while Greg Agran, who was the other co-head, left the bank after 26 years. (Reporting by Catherine Ngai and Olivia Oran; Editing by Dan Grebler)

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